Real Madrid meet Mallorca for a place in the final of the Supercopa against Barcelona.
Ancelotti said: "We have a lot of respect for their quality and the work of the coach. We have to respect them to the maximum. Jagoba's teams are very well trained.
"He knew how to take advantage of the qualities of his players perfectly. I don't want to compare with the past, but I do want to compare with what Arrasate's teams do."
Ancelotti insists the team is prepared.
"Sometimes we think we are the best looking. Not just the players, but a bit of everyone. The team has found a good dynamic. I think it is an important competition. It is the first competition of the year. It has brought us a lot of motivation.
"We hope that this Supercopa will bring us motivation and commitment. We already know that when this team has a title at stake, it focuses very well. They have rested and the players have taken advantage of it to rest and arrive well in 2025."
On Vinicius Jr, Ancelotti also said: "I hear, like him, what happens on the pitch. The two-match ban (in LaLiga) is not right. I still think so. We are delighted with Vinicius in every aspect. Everyone can have their own opinion. When people talk about Vinicius' provocation, it seems unfair to me. The insults he receives are misguided."